Which is the most accurate statement?
A. Our trade problems with Japan and China are very similar.
B. Japanese markets have been at least somewhat closed to imports.
C. If Japan and China traded fairly, our trade deficits with those two countries would disappear.
D. Our trade deficits with Japan and China account for almost our entire trade deficit.
B. Japanese markets have been at least somewhat closed to imports.
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In his second term, President George W. Bush revived his earlier proposal to
A. eliminate entirely the Social Security taxes paid by employers. B. place some Social Security taxes of young workers in private accounts under their control. C. place all Social Security taxes of young workers in private accounts under their control. D. reduce by one-half the Social Security tax rates on employers.
Paper Pushers Inc. hires workers in a competitive labor market. Apart from labor, the company has no other variable inputs. The company’s hourly output varies with the number of workers hired, as shown in the table. Workers Pages/hour 0 0 1 40 2 75 3 105 4 125 5 140 6 150 7 155 If each page sells for $2 and the market wage is $15 per hour, then this firm will hire ______ workers per hour.
a. 4 b. 5 c. 6 d. 7
The production possibilities table below shows the hypothetical relationship between the production of capital goods and consumer goods in an economy.ProductsProduction Possibilities?ABCDECapital Goods01234Consumer Goods22181370Refer to the table above. What is the opportunity cost of producing the third unit of capital goods?
A. 7 units of consumer goods B. 6 units of consumer goods C. 13 units of consumer goods D. 22 units of consumer goods
The following are national income account data for a hypothetical economy in billions of dollars: government purchases ($1,050); personal consumption expenditures ($4,800); imports ($370); exports ($240); gross private domestic investment ($1,130). Personal consumption expenditures are approximately what percentage of this economy?
A. 60 percent B. 65 percent C. 70 percent D. 75 percent